by Frank James
The economy lost 533,000 jobs in November, the most since 1974 when the nation was trapped in a worsening spiral of inflation and recession. Meanwhile the unemployment rate rising two-tenths of a percent to 6.7 percent.
Economists had expected the losses to be bad but not quite this bad.
The U.S. Labor Department said it also revised downward the September and October job-loss numbers.
This from its release:
November's drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. Job losses were large and widespread across the major industry sectors in November.
With these kinds of employment losses, the magnitude of consumer spending it would take to turnaround the economic slump likely won't materialize without massive federal help in the form of large stimulus packages. The government is now in the position of being the consumer of last resort.
Jared Bernstein of the Economic Policy Institute had a statement that probably will be echoed by a lot of people today.
"With the loss of over half-a-million jobs just last month, the US job market is now shedding jobs at a truly alarming rate, a rate that is measurably worse than past recessions," said EPI senior economist Jared Bernstein. "Policy makers need to recognize this as an emergency at the scale of any we've seen in recent years. The American workforce is too big to fail."
Comments
Typical, rank Republican response, stick it to the workers !! Keep the rats on Wall Street afloat, but drown the workers, after all, there's too many of them, as it is !!
We, the workers, will fight for what is rightfully ours, a decent wage for us and our families. We can fight the wars, that non-workers start, and we can fight the crime in our streets and the fires in our homes, but we can't share in the wealth of this nation !! This hypocrisy knows no bounds !!! Predatory Capitalism equates with fascism, an economic dictatorship. What happened to our democracy, the Corporations have bought it, on the cheap !! Come on, America, if you don't like it, change it. Voting for the likes of Senators Graham and Chambliss, only makes the situation worse, not better !! We need elected officials who are about our country's business, not their own.
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | December 5, 2008 9:57 AM
Does not look like the next year or so is going to be fun. It will be good to have a functioning president after Jan 20.
Posted by: Ron M | December 5, 2008 9:57 AM
So, the "economists" were wrong again. About something that's already happened.
Why consult these same economists about what will happen in the future, when they don't even know what happened last month?
Posted by: Bruce | December 5, 2008 1:44 PM
IT IS TIME TO RISE AGAINST!
Posted by: Scott Padula | December 5, 2008 3:11 PM
Don,
.
Your post exemplifies the old saying, “To a man with a hammer, everything looks like a nail.” The story didn’t breathe a word about Republicans, but you have to blame them for everything, don’t you? You just can’t wrap your tiny mind around the idea that stuff that occurs in the marketplace isn’t the fault of any particular government or party. Millions of private individuals are largely responsible for the economy, Don. The federal government has little to say in the matter, and then only indirectly. Once you learn to accept these facts, you might figure out that it is increased group SOCIAL action, rather than GOVERNMENT action, that changes the stuff you are grousing about. People change governments, corporate practices, and the economy. It is not the other way around.
Posted by: John W. | December 5, 2008 3:45 PM
FITZ,
.
"We, the workers"? Unlesss your job is a professional blogger, I don't even see how you fit into this category.
.
This economic mess, which started withe sub-prime loans, has democrat finger-rints all over it.
.
WILL FITZ STILL BE DRINKING THE BO KOOL-AID WHEN TEH TROOPS ARE STILL NOT HOME IN 18 MONTHS?
Posted by: Terry | December 6, 2008 9:58 AM